Markets rise and fall, as do levels of income and expenses, so it is important that your retirement plan be revisited every few years to take this into account.  If your last retirement plan was done five years ago, prior to your second child being born, your spouse’s promotion, and your mother moving in, chances are your retirement plan is based on a lifestyle that is no longer relevant.

If you are one of the many folks under 65 that are out of work and struggling to find employment, you may be considering throwing in the towel to embrace early retirement.  One of my favorite journalists, Mark Miller, recently wrote a great article, Out of Work and Under 65? Here’s How to Retool your Retirement Plan that outlines what you should do now that your previous plan is null and void.

Many financial planners will run a retirement plan and dust it off the shelf every 5 to 10 years. At Ultrafin, we don’t believe that is enough. You should revisit your plan every 3 to 5 years, or as your life changes with a marriage or children, so adjustments can be made accordingly. By making these adjustments often, you’ll stay on track for a better retirement.